A will refers to a legal document stipulating a person’s wishes concerning the care of their children and the distribution of assets when they pass away. According to statistics, 55% of Americans die without a will or estate plan. If you don’t have a will, you should consider getting one so as not to overburden your loved ones with tough decision-making when you pass. The following are three reasons to write your will now.
1. Determine Who Will Take Care of Your Kids
The top reason to write your will now is to select a person to take care of your kids, especially minor children. If one parent passes on, the surviving parent automatically becomes the primary guardian of the children. However, if both parents pass away, there is a need to nominate a trusted person to be your children’s guardians. The selected individual will be in charge of your children’s education, shelter, food, health care, and other aspects of their lives.
The guardian you choose should be loving, caring, and trustworthy. They should be a person close to your family and dear to your children. Some guardian options include family members and friends. If you don’t write a will nominating a guardian for your kids, the court will have to select one for you. They may choose an unsuitable person you wouldn’t want around your children.
2. Distribute Property and Finances
Chronic diseases like diabetes and other complications can take a person’s life when they least expect it. A diabetic foot ulcer is a common complication of diabetes mellitus that affects about 15% of people with the condition. In case of an abrupt death, it would be best to leave behind a will indicating who inherits your property and finances. If you don’t write a will, an executor will distribute the wealth on your behalf.
Write a will to select who will inherit specific assets and estate property. You can list beneficiaries for both listed and unlisted property. While not so many people know this, you can also include in your will the people who shouldn’t receive or gain anything from your assets and property. For instance, you may prevent an estranged partner from getting any share of your property. Being a legal document, the executor will distribute the property and finances according to your wishes and ensure all listed beneficiaries get their rightful share.
3. Contribute to Charitable Causes
Alcoholism is the third deadliest disease in the United States, hence the need to support organizations and other causes dealing with the issue. That said, you can write your will now to support the causes that are important to you in the form of a bequest.
Since choosing a cause can be daunting, it is recommended that people carefully think about how their property can impact a given cause. Allocate your property to a cause it will impact the most. For instance, you could donate your estate property to an orphanage or channel some of your finances towards educating the disabled. Be sure to indicate why contributing to a particular cause matters when writing a will.
You will create a legacy by donating your property to charitable causes. Charities tend to have legacy groups honoring people who have contributed to their cause. You will always be celebrated for the cause you contribute to, and your legacy will live forever.
Although many people often avoid writing a will, it is essential to have one, as seen above. It will help distribute your assets and finances, help select a custodian for your children, and offer additional benefits. Contact an expert if you need help drafting a will or have any questions.